Russia

Russia's VEB invests $3 bln to shore up domestic stock market

14:55 26/11/2008

MOSCOW, November 26 (RIA Novosti) - Russia's national development bank Vnesheconombank (VEB) has so far invested 85 billion rubles ($3.1 billion) in the domestic stock market amid the ongoing global financial crisis, the VEB president said on Wednesday.

The Russian government has allocated 175 billion rubles ($6.5 billion) from the National Prosperity Fund to VEB to buy the stocks of leading Russian companies with strong credit ratings to shore up the liquidity of domestic businesses.

Vladimir Dmitriyev said VEB had so far received a total of 115 billion rubles ($4.2 billion) from the National Prosperity Fund for this purpose.

Dmitriyev earlier said Vnesheconombank would invest up to 5 billion rubles ($184.5 million) daily on the Russian stock market to ease the effects of the credit crunch.

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<div style="border:1px solid #d3d3d3; padding:17px 0 0px 17px; background:#ffffff; width:510px;"><div style="width:100%; overflow:hidden;"><a target="_blank" href="http://en.rian.ru/russia/20081126/118546612.html" style="text-decoration:none;"><img src="http://en.rian.ru/i/eng/logo_sml.gif" alt="RIA Novosti" title="RIA Novosti" style="float:left; margin-right:10px;" border="0" /></a><a target="_blank" href="http://en.rian.ru/russia/20081126/118546612.html" style="color:#000000;text-decoration:none;display: block; margin: 0 10px 0 0 ;"><strong style="font:19px Georgia,Arial,sans-serif; line-height:16px; font-weight:bold;">Russia's VEB invests $3 bln to shore up domestic stock market</strong></a><p style="font:13px Georgia,Arial,sans-serif; padding:5px 10px 0px 0;"><span style="color:#5590bf;">14:55</span> <span style="color:#5590bf; padding-right:7px;">26/11/2008</span> <span style="font-size:12px;">Russia's national development bank Vnesheconombank (VEB) has so far invested 85 billion rubles ($3.1 billion) in the domestic stock market amid the ongoing global financial crisis, the VEB president said on Wednesday. <a target="_blank" style="color:#335f86; padding-left:10px; text-decoration:underline;" href="http://en.rian.ru/russia/20081126/118546612.html" title="Russia's VEB invests $3 bln to shore up domestic stock market">>></a></span></p><div style="padding:6px 0 15px 30px; font:10px Verdana,sans-serif;"><a target="_blank" style="color:#114472; text-decoration:underline;" href="http://en.rian.ru" title="RIA Novosti">Other news of the day</a></div></div></div>

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Russia's VEB invests $3 bln to shore up domestic stock market

14:55 26/11/2008 Russia's national development bank Vnesheconombank (VEB) has so far invested 85 billion rubles ($3.1 billion) in the domestic stock market amid the ongoing global financial crisis, the VEB president said on Wednesday. >>

Other news of the day